Accounting Assumptions Flashcards
1
Q
Accounting Assumption
A
Rules that help
support the
Qualitative
Characteristics.
2
Q
Going Concern Assumption
A
The Assumption that the business will continue to run into the future
3
Q
Accrual Basis Assumption
A
The Assumption that all Revenues and Expenses are recorded for the period
4
Q
Accounting Entity Assumption
A
The assumption that all affairs of the owner are kept separate from the business
5
Q
Period Assumption
A
The assumption that reports are reported for a certain time period for comparability of reports.
This period could be 1, 3, 6 or 12 Months.
